China and the United States signed the first-phase economic and trade agreement on January 15, 2020. Foreign media said that the agreement has suspended the trade war between the two economic giants and is good news for the world. Among them, many US tariffs on Chinese pigments, resins and plastics appear to have remained unchanged.
During a signing ceremony at the White House, U.S. President Trump praised the "historic" agreement, according to the German News Agency reported on January 15.
"It is important for the world to have these two huge and powerful nations coexist in harmony," he said.
It is reported that Chinese President Xi Jinping welcomed the first phase of the Sino-US economic and trade agreement and called for its implementation.
"In the next step, the two sides must implement the agreement and exert positive effects," Xi Jinping said in a message to US President Trump.
The agreement will largely retain the first three rounds of U.S. tariffs on Chinese imports, including plastics, chemical pigments, resins and some products.
These tariffs on US $ 250 billion of Chinese imports will remain at current levels of 25%.
President Trump said he looks forward to traveling to China soon.
In addition, according to Reuters reports on January 15, US President Trump said on January 15 local time that once the United States and China reach a second-stage economic and trade agreement, he will cancel all tariffs imposed on Chinese goods.
"Once they reach a second-stage agreement, they will all be cancelled," Trump said at the White House.
Since China supplies most of the world's resins, pigments and accessories, these tariffs have undoubtedly affected many companies in the United States.
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